{"id":1004754840,"date":"2025-04-17T03:43:58","date_gmt":"2025-04-17T11:43:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004754840"},"modified":"2025-04-17T03:43:59","modified_gmt":"2025-04-17T11:43:59","slug":"energy-firm-leases-40-ksf-in-salt-lake-city","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/energy-firm-leases-40-ksf-in-salt-lake-city\/","title":{"rendered":"Energy Firm Leases 40 KSF in Salt Lake City"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a1580e88ac60&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004754841\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/energy-firm-leases-40-ksf-in-salt-lake-city\/the-324\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/The-324.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The 324\" data-image-description=\"&lt;p&gt;Exterior shot of The 324, an office building in downtown Salt Lake City.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The LEED Gold-certified building initially served as a retail destination but was converted into office space in 1980. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/The-324.jpg?w=1000\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/The-324.jpg\" alt=\"Exterior shot of The 324, an office building in downtown Salt Lake City.\" class=\"wp-image-1004754841\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/The-324.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/The-324.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/The-324.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The LEED Gold-certified building initially served as a retail destination but was converted into office space in 1980.<em> Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>HF Sinclair has signed a 40,367-square-foot, long-term lease at The 324, an office building in Salt Lake City. The firm will occupy the entire top floor of the 221,245-square-foot property.<\/p>\n\n\n\n<p>A joint venture between Mortenson Properties and Hamilton Partners has owned the LEED Gold-certified asset since 2020. JLL brokered the deal on behalf of the landlord, while CBRE represented the energy company.<\/p>\n\n\n\n<p>Located at 324 S. State St. in the city\u2019s downtown, the transit-oriented, five-story building is less than 8 miles from Salt Lake City International Airport. The University of Utah is some 2 miles east.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/return-to-office-mandates-start-to-clock-in\/\">Return-to-Office Mandates Start to Clock In<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Originally completed in 1911 and previously known as Broadway Building, the low-rise served as a retail destination until 1980, when it was converted into office. The property then went into multiple renovations, which included a new lobby and amenity upgrades.<\/p>\n\n\n\n<p>The 324 has floorplates averaging 36,144 square feet, a fitness center, a wellness room and bike storage, as well as conference and training facilities. The property features EV charging stations and a connected parking garage.<\/p>\n\n\n\n<p>JLL Executive Vice President Jami Marsh and Vice President Amanda Lawson represented Mortenson Properties and Hamilton Partners in the leasing agreement.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-salt-lake-city-office-vacancy-rate-declines\">Salt Lake City office vacancy rate declines<\/h2>\n\n\n\n<p>Salt Lake City\u2019s office vacancy rate clocked in at 24.6 percent at the end of the first quarter, down 50 basis points year-over-year, according to a Cushman &amp; Wakefield report. The overall average asking rate as of March was $25.6, 40 basis points lower when compared to a year ago.<\/p>\n\n\n\n<p>One of the largest leasing deals of last quarter was Zion\u2019s Bank\u2019s renewal of 320,455 square feet at 10 E. South Temple, the same report shows. Property Reserve owns the 18-story building, according to CommercialEdge.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Fortune 500 company will occupy the entire top floor of the building.<\/p>\n","protected":false},"author":3355,"featured_media":1004754841,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21742,21747,1606,51973],"tags":[32789,37866,32796,41384],"class_list":["post-1004754840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-latest","category-office","category-salt-lake-city","category-southwest","tag-cbre","tag-hamilton-partners","tag-jll","tag-mortenson"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Energy Firm Leases 40 KSF in Salt Lake City - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"HF Sinclair has signed a 40,367-square-foot, long-term lease at The 324, an office building in Salt Lake City.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/energy-firm-leases-40-ksf-in-salt-lake-city\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Energy Firm Leases 40 KSF in Salt Lake City\" \/>\n<meta property=\"og:description\" content=\"HF Sinclair has signed a 40,367-square-foot, long-term lease at The 324, an office building in Salt Lake City.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/energy-firm-leases-40-ksf-in-salt-lake-city\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-17T11:43:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-17T11:43:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/The-324.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/energy-firm-leases-40-ksf-in-salt-lake-city\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/energy-firm-leases-40-ksf-in-salt-lake-city\/\",\"name\":\"Energy Firm Leases 40 KSF in Salt Lake City - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/energy-firm-leases-40-ksf-in-salt-lake-city\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/energy-firm-leases-40-ksf-in-salt-lake-city\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/The-324.jpg\",\"datePublished\":\"2025-04-17T11:43:58+00:00\",\"dateModified\":\"2025-04-17T11:43:59+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"HF Sinclair has signed a 40,367-square-foot, long-term lease at The 324, an office building in Salt Lake City.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/energy-firm-leases-40-ksf-in-salt-lake-city\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/energy-firm-leases-40-ksf-in-salt-lake-city\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/energy-firm-leases-40-ksf-in-salt-lake-city\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/The-324.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/The-324.jpg\",\"width\":1000,\"height\":750,\"caption\":\"The LEED Gold-certified building initially served as a retail destination but was converted into office space in 1980. 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